{"id":13989,"date":"2018-08-31T14:09:17","date_gmt":"2018-08-31T14:09:17","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=13989"},"modified":"2018-08-31T14:09:18","modified_gmt":"2018-08-31T14:09:18","slug":"first-time-buyers-have-bought-985k-homes-this-year","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/first-time-buyers-have-bought-985k-homes-this-year\/","title":{"rendered":"First-Time Buyers Have Bought 985K Homes This Year"},"content":{"rendered":"

First-Time Buyers Have Bought 985K Homes This Year<\/h2>\n
\"First-Time<\/a>

First-Time Buyers Have Bought 985K Homes This Year<\/p><\/div>\n

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Home sales may be slowing overall, but not among first-time home buyers, according to a new report. Genworth Mortgage Insurance culled all publicly available government and proprietary mortgage industry data to see how this segment of buyers is faring in the housing market. In the first half of the year, first-time buyers purchased 985,000 single-family homes, the most during the first six months of a year since 2005, according to Genworth\u2019s First-Time Homebuyer Report<\/a>.<\/p>\n

In the second quarter, first-time home buyers purchased 572,000 single-family homes, up just 1 percent from a year ago. But it\u2019s the six-month snapshot over this year so far that economists say is important to take note of.<\/p>\n

\u201cThe market needs to put this quarter\u2019s slowdown in first-time home buyer purchase growth in context,\u201d says Tian Liu, Genworth\u2019s chief economist. \u201cBecause while quarterly first-time home buyer purchase growth was nominal, on a semiannual basis this group recorded the most single-family home purchases since 2005. That is impressive considering overall home sales declined by 2 percent during the second quarter, with unusually slow activity in June.\u201d<\/p>\n

The decrease in overall home sales was driven by an uptick in interest rates and home prices, which together raised monthly mortgage payments for first-time home buyers by 12.6 percent year over year, according to the report. Also, many markets have seen a decrease in supply of homes in the \u201caffordable range\u201d of $150,000 to $300,000, according to the report.<\/p>\n

Despite all of this, home buyers under the age of 35 have been increasing their home ownership rates and \u201cshowing a determination and resiliency to become homeowners,\u201d according to the report.<\/p>\n

First-time home buyers have a wide range of low down payment mortgage products available, which account for 79 percent of their home purchase transactions, Liu says. Conventional loans with mortgage insurance have\u00a0grown in popularity\u2014in the latest quarter, for the first time, these loans have\u00a0become the largest source of credit to first-time home buyers, according to the report.<\/p>\n

\u201cIt is remarkable that the first-time home buyer market has remained so resilient so far this year, reaching its highest level since 2005,\u201d Liu notes in the report. \u201cIt shows the tremendous potential from this market segment.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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\u201cFirst-Time Homebuyer Market Report<\/a>,\u201d Genworth Mortgage Insurance (August 2018)<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

First-Time Buyers Have Bought 985K Homes This Year Home sales may be slowing overall, but not among first-time home buyers, according to a new report. Genworth Mortgage Insurance culled all publicly available government and proprietary mortgage industry data to see how this segment of buyers is faring in the housing market. In the first half … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-13989","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nFirst-Time Buyers Have Bought 985K Homes This Year - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.anthonydidonato.net\/wordpress\/first-time-buyers-have-bought-985k-homes-this-year\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/first-time-buyers-have-bought-985k-homes-this-year\\\/#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/first-time-buyers-have-bought-985k-homes-this-year\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"First-Time Buyers Have Bought 985K Homes This Year\",\"datePublished\":\"2018-08-31T14:09:17+00:00\",\"dateModified\":\"2018-08-31T14:09:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/first-time-buyers-have-bought-985k-homes-this-year\\\/\"},\"wordCount\":399,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/first-time-buyers-have-bought-985k-homes-this-year\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2018\\\/08\\\/083612018.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/first-time-buyers-have-bought-985k-homes-this-year\\\/\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/first-time-buyers-have-bought-985k-homes-this-year\\\/\",\"name\":\"First-Time Buyers Have Bought 985K Homes This Year - 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